ACT_3391_Chp_7_Homework_Solutions

ACT_3391_Chp_7_Homework_Solutions - Intermediate Accounting...

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Intermediate Accounting I Amanda N. Paul, CPA, MBA Troy University
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Chapter 7 EXERCISE 7-1 (a) Cash includes the following: 1. Commercial savings account— First National Bank of Yojimbo $ 600,000 1. Commercial checking account— First National Bank of Yojimbo 900,000 2. Money market fund—Volonte 5,000,000 5. Petty cash 1,000 11. Commercial Paper (cash equivalent) 2,100,000 12. Currency and coin on hand 7,700 Cash reported on December 31, 2007, balance sheet $8,608,700
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EXERCISE 7-1 continued (b) Other items classified as follows: 3. Travel advances (reimbursed by employee)* should be reported as receivable—employee in the amount of $180,000. 4. Cash restricted in the amount of $1,500,000 for the retirement of long- term debt should be reported as a noncurrent asset identified as “Cash restricted for retirement of long-term debt.” 6. An IOU from Marianne Koch should be reported as a receivable in the amount of $190,000. 7. The bank overdraft of $110,000 should be reported as a current liability.** 8. Certificates of deposits of $500,000 each should be classified as temporary investments. 9.
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ACT_3391_Chp_7_Homework_Solutions - Intermediate Accounting...

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